Finance

2020 budget tax cuts kick in: Australians to receive boost to pay packets from this week as Pfizer COVID vaccine looms

Millions of Australian workers will receive a boost to their pay packets from this week as the Morrison Government’s tax cuts come into effect.

The cuts were a key 2020 Federal Budget measure and will see billions of dollars heading into bank accounts across the country thanks to fast-tracked tax breaks.

The cuts were initially scheduled for the 2022-23 financial year but were brought forward due to the coronavirus pandemic.

Changes to the taxation system mean that the 19 per cent threshold will increase from $37,000 to $45,000.

The 32.5 per cent threshold will go from $90,000 to $120,000.

Treasurer Josh Frydenberg predicts personal tax cuts will soon have an impact on the economy. Credit: AAP

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